US Federal Reserve Chairman Jerome Powell assured Congress, according to media reports, that the long-awaited Fed report on cryptocurrencies will be released “within a few weeks.” Powell’s estimated release date was given during a January 11 hearing to confirm it before the Senate Banking Committee. Republican Senator Mike Crapo urged Powell to make the report. The Fed chairman had previously stated several times that he would release it in a timely manner.
However, observers already suspect that the report will not provide answers to all the important questions related to cryptocurrencies. Among other things, the prospects for a digital central bank currency should be a problem. Of course, the question of whether or not the Fed is digitizing the dollar is of great interest to the crypto industry.
Powell has thus far kept a low profile at CBDC
Powell has spoken several times on the subject of CBDC. In November 2019, it first announced to Congress that the Fed was reviewing CBDCs for businesses and households.
However, the Fed chief didn’t get too specific in the coming months, either. Given the rapid development of the Chinese project for a digital yuan, the United States is in danger of being left behind.
Getting it right is much more important than doing it quickly or feeling like we are rushing to a conclusion because other countries are getting ahead of ourselves.
Powell said at a press conference last April. On the other hand, it is more open regarding stablecoins. In July of last year, Powell testified before the House of Representatives and said stablecoins should be regulated “in a similar way” to bank deposits and money market funds.
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